"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Thursday, July 19, 2012

Eurozone in critical danger says IMF

Eurozone in 'critical' danger, says IMF
Sky News Australia
The eurozone is in 'critical' danger but can restore credibility with speedy moves towards a banking union, some form of pooled debt and if the European Central Bank pumps in more cash, the IMF says. The European Central Bank should use more of its ...

Sky News Australia 

IMF Warns of 'Sizable Risk' of Deflation in Euro Zone
New York Times
FRANKFURT — The International Monetary Fund, warning Wednesday of “a sizable risk” that some euro zone countries could suffer a debilitating decline in prices, called on the European Central Bank to pump money into the region's economy by buying ...

ROUBINI: If Everything Goes Wrong, The Fed Will Start Buying Stocks
Business Insider
Nouriel Roubini thinks things could get bad after the U.S. presidential elections in November. The NYU economist – known as "Dr. Doom" and the forecaster of the "global perfect storm" for the world economy in 2013 – told Reuters' Chrystia Freeland in an ...

The European Debt Crisis: An Alternative Solution
Huffington Post
Euro zone leaders' latest plan to rescue the euro, agreed to late last month, focuses on two crises: the continent's ailing banks and the sovereign-debt woes of Europe's southern peripheral economies. Unfortunately, their blueprint neglects a third crisis that ...

IMF: Eurozone Crisis at 'Critical Stage'
Voice of America (blog)
The International Monetary Fund says the eurozone's debt crisis has reached a “critical stage,” and that European leaders need to move quickly toward greater financial unity. The IMF's executive board said Wednesday that the 17-nation currency union needs ...

Ron Paul Warns Bernanke: The Financial Crisis Is Far From Over
Forbes
In what Congressman Bacchus called “a double dose,” Texas Representative Ron Paul grilled Fed Chairman Ben Bernanke on two occasions on Tuesday at the House Financial Services Committee. Congressman Paul scolded the Fed Chairman for being ...

GLOBAL MARKETS-Euro zone, growth worries boost safe haven assets
Reuters
Dollar, Treasuries and German bonds gain on safe haven demand. * U.S. stocks to open lower ahead of 2nd day of Bernanke testimony. * European shares edge higher on earnings hopes. By Richard Hubbard. LONDON, July 18 (Reuters) - U.S. bond prices ...

US money fund lending to euro zone fell faster in June
Reuters
NEW YORK (Reuters) - U.S. money market funds pulled money out of the euro zone at a faster pace in June as concerns about the region's debt crisis accelerated, with banks that contribute to the scandal plagued Libor rate in the region among the hardest hit ...

Treasury Bonds Boosted by Euro-Zone Worries
Wall Street Journal
By Min Zeng. Treasury bonds strengthened Wednesday as worries over the euro zone'ssovereign-debt crisis drove investors into safe assets. In recent trade, the benchmark 10-year note was 8/32 higher to yield 1.474%. The 30-year bond was 18/32 higher to ...

Euro zone, growth worries boost safe haven assets
CNBC.com
LONDON (Reuters) - U.S. bond prices rose and Germany sold debt with a negative yield for the first time on Wednesday as investors uneasy about a bleak economic outlook from the Federal Reserve and the intractable euro zone crisis turned to safe haven ...

IMF calls for action as euro crisis escalates
CNN
The eurozone banking system is "fragmented," Pradhan added, as governments encourage domestic banks to maintain liquidity. As a result, Pradhan said a banking union is important to ensure that access to credit is spread more evenly across the euro area.

IMF Says Europe Needs Stronger Monetary Union to Stem Contagion
Businessweek
Europe's leaders need to move toward a more complete monetary union if “substantial” spillover effects for the global economy are to be avoided, the International Monetary Fund said. The immediate priority is making progress toward a banking union for the ...

Eurozone crisis live: IMF issues euro warning as Greece struggles to make cuts ...
The Guardian
Greek finance ministry officials say discussions on how Athens will meet the magic target of €11.5bn in cuts will continue “right up until the troika returns next week.” Yiannis Stournaras, the finance minister, will meet with visiting representatives from the EU, ...

Eurozone in danger, ECB should ride to the rescue: IMF
AFP
BRUSSELS — The eurozone is in "critical" danger but can restore credibility with urgent action for a banking union, with some form of eurobonds, and if the ECB ramps up injections of cash, the IMF said on Wednesday. The European Central Bank should pull ...

AFP

Euro Zone Crisis: Pay Cut For Spanish King, No Time For Siestas
Care2.com (blog)
Spain's royal family is taking a pay cut. The royal budget of €8.3 million will lose €100000 with King Juan Carlos seeing a €20900 ($25660) reduction from his €292000 salary. His son and heir, Prince Felipe, will lose about €10450 euros from his salary, which ...

The IMF is Making Sense on the Eurozone
Slate Magazine (blog)
Economic activity has weakened and is likely to remain subdued, particularly in the hard-hit periphery countries. After averaging 1.5 percent in 2011, euro area GDP growth is expected to be -0.3 and 0.7 percent in 2012 and 2013, respectively. In this context ...

Spanish Siesta May Die Because Of The Eurozone Crisis
Huffington Post
Spain has been one of the countries hardest hit by the eurozone crisis. The country's unemployment, now pegged at 24.6 percent, is the highest in the European Union, according to Eurostat. Nor does there appear any end in sight. As Spain's Prime Minister ...

Italy Says Euro-Zone Crisis Response Still Unsatisfactory
Wall Street Journal
ROME--Italy's economy minister said further action is needed to tackle the euro-zone crisis, citing ongoing instability in financial markets as evidence the European Union's current mechanisms aren't sufficient. The euro-zone's permanent rescue fund, the ...

Growing Up in the Eurozone
Project Syndicate
But the eurozone debt crisis has distinctive features. Most importantly, while the average debt/GDP ratio is no higher than it is in other advanced countries, and consolidation efforts started earlier, the eurozone has been mired in a severe crisis of confidence ...

IMF says ECB could play bigger role in taming sovereign debt crisis
Reuters
BRUSSELS, July 18 (Reuters) - The European Central Bank could play a bigger role in fighting the euro zone sovereign debt crisis through more rate cuts, bond purchases and further liquidity provision, the International Monetary Fund said in a regular report ...

IMF urges action as eurozone enters 'critical' phase
Telegraph.co.uk
“The immediate priority for the eurozone is to establish a banking union and move toward more fiscal integration,” said Mahmood Pradhan, mission chief for theeurozone. “These moves would help stem the decline in confidence engulfing the region, lower ...

Telegraph.co.uk

IMF: eurozone in critical danger, ECB should launch QE
Telegraph.co.uk
The eurozone is in "critical" danger and the European Central Bank should play a bigger role in fighting the debt crisis through more rate cuts, QE and further liquidity provision, the International Monetary Fund has said. The euro sign sculpture stands outside ...

Telegraph.co.uk

IMF: Eurozone in critical danger
Bangkok Post
The eurozone is in "critical" danger but can restore credibility with urgent action for a banking union, with some form of eurobonds, and if the ECB ramps up injections of cash, the IMF said on Wednesday. The IMF said that the eurozone is in "critical" danger ...

Bangkok Post

IMF urges euro countries to integrate more
Huffington Post
In its latest assessment of the eurozone, the Washington D.C.-based institution urged Europe's leaders to "demonstrate shared and unequivocal commitment – with a clear, credible roadmap – to a deeper integration of the euro area." Though conceding that ...

Eurozone has few options left, none of them good
Troy Media (blog)
(Amounts converted from national currencies) While these defaults roiled global financial markets, they pale in comparison to the Eurozone debt crisis. Tiny, teetering Greece has a national debt of more than €360 billion. Portugal and Spain owe €170 billion ...

Is Germany Ɯbercompetitive and Should it Accept Higher Inflation?
EconoMonitor (blog)
The intra-Eurozone current account deficits have frequently been mentioned as one of the causes of the current malaise in the euro area. Krugman (2012(1)) has stated that the current crisis is “a balance of payments problem, in which capital flooded south ...

EconoMonitor (blog)

Lender of First Resort
Wall Street Journal
Central banks are supposed to be the lender of last resort, but under political pressure the world's monetary authorities are increasingly becoming lenders of first resort. Witness the Bank of England's new "funding-for-lending" program, which is picking up ...

FP Passport: Greek island wants to join Austria
Foreign Policy (blog)
German MPs provoked outrage in Greece in 2010 with a somewhat tongue-in-cheek suggestion that the coutnry shoudl consider selling off some of its islands to settle its accounts. But it appears that some residents of the island of Ikaria is looking to leave the ...

Nordea fears impact of eurozone crisis
Financial Times
Nordea underlined the growing concern among Nordic banks of the impact on their hitherto stable home region of the eurozone's weak growth and debt crisis. Christian Clausen, chief executive of the biggest bank in the Nordic region, on Wednesday said ...

Financial Times

IMF calls on Eurozone to take determined action in response to crisis
FinFacts Ireland
The Eurozone crisis has reached a critical stage, as financial markets in parts of the region face acute stress. In its latest assessment of economic developments in the Eurozone, the IMF calls for determined action towards establishing banking and fiscal ...
 
FinFacts Ireland

CANADA STOCKS-TSX gains offset by euro zone worries
Reuters
TORONTO, July 18 (Reuters) - Canada's main stock index rose for the fourth straight session on Wednesday, led by energy shares, but gains were limited after comments by German Chancellor Angela Merkel reignited worries about the euro zone debt crisis ...

Angela Merkel not sure euro zone can work (Now she tells us)
Globe and Mail
The nations of the 17-member euro zone have struggled for more than two years to come to grips with a crisis that has sent shockwaves around the world, upsetting markets, hurting other economies and eroding the profits of some companies. Several ...

Yanis Varoufakis: It is Now Official – The Eurozone's Monetary ...
By Yves Smith
While such 'official' rates are tending to zero (as Central Banks try to squeeze the costs of borrowing to nothing), the interest rates people and firms pay are much, much higher and track indices of fear and subjective estimates of the Eurozone's ...
naked capitalism

Eurozone in 'critical' danger - IMF
By AGENCE-FRANCE PRESSE
A worsening of the crisis would have a big impact on neighbouring European countries 'and the rest of the world.'
RAPPLER

Sober Look: More flight of capital out of the Eurozone
By Walter Kurtz
Here is a quick follow-up on the post discussing the ECB liabilities to non-Eurozone entities. Large euro deposits originating outside of the Eurozone can come from the Fed Liquidity Facility (the Fed took in euros as collateral for dollars it was ...
Sober Look

The political and policy consequences of the Eurozone crisis raise ...
By Blog Admin
Responses to the Eurozone crisis are having an impact on welfare reform across Europe. Aidan Regan argues that the current focus on austerity has reduced the ability of states to pursue egalitarian policies and reflects a general movement ...
EUROPP
Former ECB Stark: Sees need for euro zone to shrink | ForexLive
By Gerry Davies
Weaker states should leave euro zone Integration of euro zone's core must persist.
ForexLive

Wake me up when September Ends | Euro Crisis
By Alexander TIetz
by Carsten Brzeski. The German Constitutional Court will present its verdict on the European Stabilty Mechanism and the fiscal compact on 12 September. A reversal of the ESM looks unlikely, but more powers and control to the German ...
Euro Crisis

IMF: Eurozone Crisis at 'Critical Stage' | NTN World News
By NTN News
The International Monetary Fund says the eurozone's debt crisis has reached a "critical stage," and that European leaders need to move quickly toward greater financial unity. The IMF's executive board said Wednesday that the 17-nation ...
NTN World News

The Growing Pressures Likely to Blow the Eurozone Apart ...
By Stefan B
The Growing Pressures Likely to Blow the Eurozone Apart. Look for Finland to exit first. by Alasdair Macleod Chris Martenson's Peak Prosperity. There was yet another European Union summit at the end of June, which (like all the others) was ...
Financial Survival Network

Euro-zone construction output rises 0.1% in May , Market News ...
Construction output in the euro zone increased by 0.1 percent, from 2.7 percent delcine.
icn.com

IMF says Europe needs stronger monetary union to stem contagion
While acknowledging that leaders have taken important steps already, the IMF report argued that an even stronger and more collective effort is required to staunch financial contagion from the crisis.
FP Top Stories List

More to the financial crisis than just subprime | Christopher Papagianis
Just as the recession in the early 2000s became linked with the bursting of the tech bubble, for many the financial crisis in 2008 has been synonymous with the ...
blogs.reuters.com/.../more-to-the-financial-crisis-than-just-sub...

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